MidOcean Partners announces acquisition of FullSpeed Automotive
MidOcean Partners, the U.S-based private equity organization focused on leveraged buyouts, growth capital investment, and recapitalizations in middle-market companies, has reportedly acquired Denver-based FullSpeed Automotive from CenterOak Partners.
For the record, FullSpeed is one of the leading auto aftermarket services platforms that operates under the SpeeDee and Grease Monkey brands. The company offers tire sales and rotations, oil changes, brake services, car washes, and other additional services. The company has a strategic geographic footprint of around 600 franchised and company-owned locations.
With this acquisition, MidOcean Partners plans to continue FullSpeed’s aggressive growth plan through strategic M&A and organic initiatives. The financial terms and conditions of the deal were not disclosed by both companies.
Speaking on which, Daniel Penn, Managing Director at MidOcean reportedly stated the company has been assessing the auto aftermarket services space for several years and is excited to partner with FullSpeed’s excellent management team for its next phase of growth.
The company believes that FullSpeed would continue to experience robust growth from its current locations with strong performance metrics and leading customer service, Mr. Penn said, while adding that the company is planning to support FullSpeed’s existing aggressive M&A strategy and to accelerate franchise development in existing and new market.
Kevin Kormondy, CEO of FullSpeed said that the company is excited to collaborate with MidOcean to boost outsized growth for the FullSpeed platform. MidOcean has long-standing experience in implementing transformational growth, and they bring profound expertise in the auto aftermarket that would improve the company’s ability to better cater to its employees, customers, and franchise partners, along with offering support for it to expand into more market.
Meanwhile, Honigman LLP catered as legal advisor to MidOcean. Harris Williams catered as a financial advisor, and Gibson Dunn & Crutcher LLP catered as legal advisor to FullSpeed Automotive.
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